The one that got away
The key lessons highlighted in this article are the need to listen to employees, understand their motivations, and be creative in finding ways to keep them engaged and rewarded.
Do you ever wonder if your company’s growth would have been different if you’ve been able to figure out how to keep that key individual who quit?
For example, I had an assistant, Tonia, who was a key player in our company.
I tried to promote her, she resisted, asking for a different kind of position that was more marketing centric. That’s when I pushed back because I didn’t have a position like that and I did not understand the depth of her skills in marketing.
Unfortunately, after she left her company, she ended up working for another company as their head marketer for 10 different regions in the state. At the time, I wasn’t able to wrap my head around all the things that she could do for us, and I wasn’t listening well enough.
Asking for a raise
Tonia asked me for raise and for a new title of marketing director. We really needed somebody to lead our marketing efforts, but I wasn’t thoughtful enough to visualize how she could make that work and I really did not want to spend the money on the raise.
Looking back, I should have had her put together a presentation for me regarding how she was going to be the marketing director. We could have created a transition where she stayed my assistant while we created the new marketing position.
I still kick myself for letting her get away. She was one of our top employees who could have helped our company grow in a significant way.
In another situation a department head asked for more money and the ability to grow her department. She was very capable and again I was not listening, and she went to work for a regional competitor. It was also a huge loss.
Looking Back
Looking back, I wonder how much larger, more profitable or more effective our company could have been if I had kept both of these employees, paid them more and given them the responsibility that they deserved.
It goes to show you that managing the company is not for the faint of heart. You will make significant mistakes over a period of time when hiring and promoting and not recognizing talent.
All I can suggest to you is that you take time to think about the decisions you’re making when it comes to personnel.
Summary
When you have a great employee, talk to them, understand the motivations and think about creating a job for them that can help them and your company grow.
Letting great employees get away means that you slow down the growth of your company and then struggle with replacing the position they left without having them there to train the next person. More importantly you lose an employee that knows your company and fits into the company culture, someone who you can build on.
Don’t let a star whose skills are extraordinary get away. You need to be creative and responsive to keep them as part of your team in the long run. Every company needs stars and if you have a home grown one, fight like hell to keep them.
Clifford A. Hockley is Principal Broker at SVN | Bluestone, as well as the managing member of Cliff Hockley Real Estate Consulting, LLC. As a Certified Property Manager & Designated Managing Broker, Cliff has 42 years of experience in the brokerage and management of Real Estate companies. Bluestone and Hockley Real Estate Services managed condominium associations, multi-family, and commercial properties in the greater Portland area. He was focused on running the company and involved with investment property brokerage. He worked with financial institutions, governmental agencies, private investors, and not for profit organizations. He also has vast knowledge in budgeting, organizational management, and building structures. His previous experience includes over five years in accounting, production supervision for a manufacturing company, and work for state agencies in California.
Cliff grew Bluestone and Hockley Real Estate Services into a 100 employee company that managed over 2 billion dollars of real estate assets before he sold the company in 2021. He also supervised a sales team of over 15 real estate brokers for over 35 years. His monthly newsletter, QuickFacts has over 2,300 subscribers. He has been involved in numerous real estate transactions that include industrial, retail, office, and multifamily properties. Cliff has also written a book called “Successful Real Estate Investing; Invest Wisely, Avoid Costly Mistakes and Make Money” published by Morgan James Publishing in 2019.
Cliff has successfully coached real estate investors and CEOs located throughout the United States since 2015. He has acted as a sounding board to help untangle knotty issues that need an experienced outside opinion. He guides leaders who find it is “lonely at the top” and need an experienced hand to help set a strategic direction, sort out operational problems and want to talk through challenging business decisions.
He has served as an adjunct professor at Portland State University from 2028 – 2021, teaching classes in: Intro to Real Estate, Basic Real Estate Finance, Property Management as well as Real Estate Investment Fundamentals. He has instructed hundreds of students and believes that substantial preparation and active student engagement are crucial for learning and appreciating the field of real estate. Students appreciate his candor and real-world experience.
Among his many civic activities, Cliff served on the Board of Directors for the Portland Chapter of the Institute of Real Estate Management (IREM) and the Rental Housing Alliance of Oregon. In 2014 he was recognized by IREM as board member of the year, and in 2015 he earned an achievement award in brokerage from SVN International. In the years 2000 & 2003, he was recognized by IREM as Certified Property Manager of the Year.
